 Everybody welcome to July set news today. We're gonna talk about what is noise and what is not noise and the first thing We're talking about is this is noise and we're gonna talk about finance verse. Mr. Wonderful Kevin O'Leary There's been some accusations flown around About who is lying who is not I had to tell you somebody's lying. They're gonna go over What is not noise and this is not noise finance audit? Why ETFs are denied? What causes bottoms hint its liquidity and what you can do right now It's more important to focus on the things you can change other things You cannot change and lastly we'll talk about some positive news a city ran crypto exchange coming about with Binance and crypto comm Already on board and lastly we'll do a Q&A and talk about my friend Jerry's patreon and speaking of which Let's bring in friend of the show Jerry Hall Jerry Thanks for stopping by. Oh perverted. Thank you Rob. Nice to be here young man Thanks, so you can see in the background. That's Jerry's Twitter account. You can follow him at Jerry V. Hall And I will tell you that's one of his houses that he is building as far as property management goes One of 12 over in Costa Rica Jerry not a bad place to live, huh? No, especially when you earn in the dollar right so any of us that are earning in dollars But spending in a different currency are understanding the advantage to the strength of the dollar It's really kind of a wonderful thing You can get in Puerto Rico by any chance or is everything just Exorbitantly expensive because of importation like I was telling you everything's exorbitantly Expensive because of importation except for Medaille beers. You can buy a 12 pack for 11 bucks All right So speaking of that speaking of buying things and what you can actually get for and the value of such This is we always before we start on the show with the big stories is take a look Satoshi's Just so everybody knows and this is something to always explain to friends and family if you can Right now Satoshi's the USD converter for one dollar as of yesterday. You get 5,732 Satoshi's however Jerry did we not see a little dip today? We did we saw dip 5,900 I think you can get 5,900 Satoshi's for a dollar Exactly 5,921 Satoshi's for a dollar in four or five years people are gonna come back on this channel And they're gonna look if they ever come back and watch these videos I'm like wow 5,000 Satoshi's you know, you only get like a thousand of those 2,000 3,000 the commercial that used to go I'd buy that for a dollar That was it that was it that was that was Robocop the first one and it was a great it was a great It was a great movie and it should have won an Academy Award just kidding So here we go. Let's talk about what is noise. What is not noise? This is actually pointed out to me by Jerry and what's going on in the background is A little spat between two superpowers and somebody's lying and actually I can prove that somebody's lying right now So I'm just gonna show you that bring up the speed This was CZ Binance and he was talking about or change things out Excuse me from Binance and he's talking about What was said when Kevin O'Leary came and testified before Congress so just take a listen He says he didn't know that Binance was a shareholder of FTX So he invested in FTX without looking at cap table, but he was very specific in the way he counts for a transaction two years ago So that's kind of contradictory. So I think Calvin's a liar. So I think he's lying about a bunch of stuff Yeah, so wait, just wait. So Kevin It's not be outdone came on This was on Squawk box on one of the earlier earlier syndications and the question was of course Hey, are you lying? What's going on here and Jerry point this out to me Jerry because you watched the whole Congress hearing what was the tone for Kevin O'Leary when he was talking about Sam Bacon Frieden FTX it was like CZ intentionally Tried to put and did put FTX out of business Sure, and it was this really heavy evasus on on an FTX competitor sure not the blatant fraud FDX it really would it was to me Kevin is so I don't know why it's like hey Look at this over here while I'm picking your pocket, you know, it's one of those kind of things. It was really odd It was really odd. So take it. Yeah So that was the that was the hearing now take a listen to Kevin over here on Squawk box This drama you are an actor in this drama and and you had a front row seat to Sam bankman Friede literally up until the very end given what you know about him personally and Given what you now know about the numbers and what has happened there as you said you're trying to get money back for creditors What do you think happened you believe this was a fraud? I don't have the facts John Ray doesn't have them yet He's going to get them. I'm looking for my records. I'm willing to fund a forensic audit of our accounts I'd like to know what happened obviously There's a lot of bad things that have been alleged here No question about it and some of them are going to be true likely because there's no money there somewhere The cash is gone right and so this is the beginning of a journey. You're right I did speak with him prior to him going to jail because I'm just after the facts of where the cash was Now, let me address something before we go any further yesterday on the air CZ called me a liar That suggests that I perjured myself in front of the US Senate for two hours this week I can assure you that it's not the case Another little parable here. You should understand when I was young my birth father was Irish Put me on his knee and every Irishman will know this and he said son Never call an Irishman a liar. Okay, great. So then he goes that it's a pretty good story But we got time there's there's a lot of things to do so right here at first Jerry would told us okay the What? What Kevin was talking about more was like this didn't happen. It's all unbiased. They crushed him and now it's well I don't think we have all the facts which I got to tell you is not wrong to say Yeah, is he I mean Jerry is he wrong to say look we need all the facts first. I I think that you know this should be in the hands of attorneys and courts sure and and Twitter personalities and YouTubers are gonna have their fun with it because I mean it kind it is a story It's Entertainment and believe me if your portfolio looks like mine after the last 12 months Lord knows we could use a little entertainment. I've just you know, I've had my ass handed to me this year I'm sure you have to Yes, yes a lot of a lot of handling of asses in this market that I'm sure so I will I will tell you It's one of those things that you have to take us take a step back and okay Well, that makes sense what he says but when I said that someone's a liar Listen to this. So this was another snippet that he did also on Squawk box and interviewed by One of the other co-hosts just take a listen right here. This is about a minute or so Time goes so quick. I just it seems like only yesterday. I was totally Arguing with you on on Squawk box. You went from Charlie Munger's view on Bitcoin to Michael Saylor's view on Bitcoin and I actually kidded you about I said, who are you? You you you you may know nothing, but you're never in doubt You're so strident when you said it was just worthless and rat poison and then six months later You're like this bitcoin bull and and I so I didn't understand that conversion Did that conversion coincide with the 15 million that you got from from fpx No, I was investing three and a half years earlier than that I changed my mind back at early 2018 when I saw the regulators and jurisdictions like Canada switzerland And Abu Dhabi start to change their minds, but I'll tell you what really got me investing Joe Early 2018 right now Kevin could have gotten some dates wrong. I mean it happens. I forget things I forget where my keys are I forget the certain dates when I invest in the crypto I get you right, but early 2018 is when he's when he changes mine started to invest. However This is a nice little article from May 14th 2019. Mr. Wonderful. Can literally calls Bitcoin garbage And it take down the whole crypto industry and I got to tell you it's that all that adage watch what they do Not what they say so in the background when we hear about these things where like Oh, you know Bitcoin is dead and Bitcoin is dead today and Bitcoin is dead tomorrow and of course everything's gonna gonna collapse Um, just to Matt just remember that it's not the case. Did you take a look at something like this? Bitcoin is dead and we hear this all the time crypto is dead Bitcoin is dead. Here's a cumulative straight. Here's the PNL. Just a more cap. It's all the same thing over and over again So I'm not going to say that someone's lying because they've already done that for me But uh, jerry, what do we stand here as far as the talk about when we're talking about the noise because this was just noise That's really what it comes down to. This was noise. It doesn't really affect us You know at the end of the day And in two years from now, we won't be talking about the kevin oliri interview on squawk box where you got a date wrong Right Dates Um, matter of fact, uh In the pre-call with you. I said 10 to 15 You even said 12. I've got 10 lots in costa rica. I'm gonna do 10 properties But you know, that's not the point the point is what I think we'll remember From this year is hey We got to live through another down cycle in a in an industry That is inevitably going to win because it's stronger faster better And stronger faster better generally always prevails Well, you know, it's kind of that simple. I think a lot of this is noise Um For those of us that need a distraction. Hey jump on in and for those that are that are you know done with it Tune there's a lot of other stuff to tune into that's really beneficial And really and really important and Just one of the things I'll live about your show is you give us a little bit of both Right. Hey, this is what's going on. You might want to take a look behind this curtain But hey There's also this stuff happening and let's focus on that because that'll drive your train forward kevin oliri will not push any of our lives forward This is true, which leads me to the next point great segue. Jerry. Excellent This is the things that will affect you and these are the things that we talked about before I know everybody I mean on this show. We have the rules are they're partially obscured by my friend jerry hall here But the second one right there nothing on exchanges. This is a great rule. I've lived by for quite some time Especially after we learned our lesson on celsius and voyager on block fi and ftx and on host of others I think that's another shoes to drop at some point So this is what's going to affect you now Tune out the noise. This is what we got. So we talked about this yesterday or two days ago I want to say Binance is proof of reserves This was an article about the proof of reserves that was was put out by Binance everybody said this is great because it's not it's not just proof of reserves as proof of liability as well However, we talked about this There's a couple of red flags and not that i'm saying that it is a problem, but i'm just saying be careful John Reed stark senior lecturing fellow duke University school of law and former chief of the sec's office of internet enforcement stated like said this look Binance's proof of reserve report doesn't address effectiveness of internal financial controls doesn't express an opinion or assurance Conclusion and doesn't vouch for the numbers. I worked at sec enforcement for 18 plus years This is how I define a red flag and then today This is what happened Mazar's who was the auditor in this case? Uh, they paused all the work for crypto clients and they deleted all the records of what they did for Binance crypto commons and another one So Mazar's has indicated they will temporarily pause their work with all their crypto clients globally which includes crypto comm coup coin and finance And this means we won't be able to work with Mazar's This is what a binance spokesperson said Mazar's said that it only paused its work for crypto firms related to proof of reserve reports Due to concerns regarding the way these reports are understood by the public Mazar's added that it's proof of reserve reports Do not constitute either an assurance or an audit opinion on subject matter instead. They report limited findings Based on the greed procedures Which was what binance said forth Performing the subject matter at a historical point in time meaning anything can change as time goes on But not to be outdone to give you both sides the accounting firm to perform a proof of reserve assessments of earlier this month Finding that it's bitcoin reserves was over collateralized. I believe it's 101 Auditor also found that coup coins bitcoin eith usd t and usdc reserves were all also over collateralized jeremy What i'm jerry, what am i missing here on this one? Is this something to be worried about like no big deal? You know, here's the thing. There is standard operating procedure, right? exchanges Should be treated just like stores in my opinion Yeah, you go to the store with your money you buy what you want and you take your stuff and you go home Simple that's thanks. I got to steal that. It's perfect. That's how it's really. It's really really simple um Here's what's interesting. I think that the simplicity of it has been lost, right? We get lost in the in the technology and the complexity when the truth of the matter is The world is never None of us have ever dealt with bearer instruments before right? It's very rare that We deal with things of great value That whoever's holding it owns it Right your home your real estate. That's titled it's held with title companies. There's 15 different authorities invested in the The chain of title who owns that? Have titles all these things of value have titles that are either held or registered with somebody all your stocks Your bonds your investments with Charles Rob. These are all Things that are investments that are held in custody by somebody else Crypto is that is that we're coming back to bearer instruments if you have it You own it And how do you and well jerry? How do you own your crypto? Well, I I use my own self-custody wallets. I gotta have a range of things that are browser extensions I have old wallets. I even have For those of you old school veterans the old ledger nano s i'm an s guy because i'm old You new you kids you young people are using the Tesers and nano x's good for you. I'm old There there's even a new one coming out jerry and it looks pretty cool The stacks Now that that one i'm probably gonna buy because I want to show everybody how cool it how good it is and And just to show it off. So okay, so just so we know What noise what's not noise when you're talking about like finance and things like that We understand that that's something that can really affect us So on the show everybody knows my stance take it off exchange as fast as you can if you're leaving it there You're playing with fire, but it's up to you to what you want to do also For us taking a look at things that's uh, you know, it's not noise this came out Why the sec just rejected another grayscale bitcoin etf And let me stop this music. Sorry. Okay so And tell me tell me where i'm wrong here because this is actually the sec is I think right The sec has repeated its stance to reject grayscales bid to launch a bitcoin etf sec says such products are prone to fraud and manipulation jerry Is that true? It could be be dealing with fraud manipulation in the crypto market If the ftx scandal hasn't taught every single human being in the crypto industry That crypto gets levered up and leverage is used to manipulate the price If we haven't learned that lesson from ftx go back And study it because it's been a glaring Course right a literature college course on The manipulation process of crypto. I have a hundred cryptos right? I have a hundred of this coin There's only a hundred of them and I have a hundred now I'm gonna put 10 10 of them out into the free market and let you Fight about I've got 90 of them sitting over here locked up never going to get used Right. Do my buddies go get? Three each now they have six of the 10 that are floating and they're wash trading back and forth What does that do it drives up the price of the coin which drives up the market cap, right? And now all of a sudden If you have a market cap you have the ability to collateralize and borrow against that value This is an eight. This is a this is a A mechanism that goes back forever, right? You know what and before I just I put in What was crazy to me is that you know with ftx and the leverage Even though they had a winning advantage Alameda research and ftx because they had the order books. They had all the data They still lost out on the trades. It's just to me. I just found it amazing They weren't good traders. They were kids having a party Young once can you imagine having access? That's a long time ago dollars with no controls I mean rob you've always been a good person with good morals, but I can't imagine the 20 year old rob not Surcoming to some of the things that human I mean Talk to my wife. I was a relay hole back in the day. Yeah, I can imagine I mean if you were given if you just sign out sign a million out No problem. Just no take a million out of petty cash No, I already I had my moments It's a story for for a whole other section of what happened there But why I am humbled now, but that's that's a good story to tell at some point, but not today I'll tell you that but but to finish up this story so Front of ventilation grayscale clay over the summer that the sec was applying for an unfair devil standard By allowing the bitcoin futures ETF, but denying proposals for spot ETF The sec responded like this. They said look the futures Is closely monitored by the cme of the chicago mercantile exchange spot ETFs lack the level of federal oversight jerry The question I have for you is this isn't that their job To to oversee these things why are they saying can you imagine in of any of the ETF submissions the grayscale Because they already have the trust. See it's not like they don't I mean they have a trust that has records going back from its inception Of maintaining and holding all the bitcoin that they say they have Could be audited at any time the wallets or public record If the sec were to grant an ETF it should be to grayscale And all of a sudden now you've got a sheriff in that community Right with all of the checks and balances that come with being An sec, you know a security on the new york stock exchange or on the nasdaq or on the american stock exchange There's a whole list of checks and balances for all those entities that if they were granted the ETF status They would have to meet therefore all the shenanigans with them would go away or any question But it's not that the sec is worried about they're worried about all that stuff Like for instance, how much bitcoin does finance have leveraged? Yeah, well price of this or that and the other thing affects bitcoin Yeah, we're gonna get at that And then look and then look at this I think grayscale is kind of hurting here because they're You know the the premium the discount looking at almost 48 percent I think that's that's the whole thing they were kind of banking on the fact that the ETFs going to come through But I don't think it's I know people talked about it. It's gonna happen. I'm like it's not gonna happen I've been hearing that same song and dance in 2017 never happens This is an interesting product because you know, this trust can only buy bitcoin. It can't sell it Exactly it can't now to me this week. This is like That glaring neon light that says hey if you have an IRA you have a 401k You have something that has access to this product. Yeah, it's not a bad time to add this to that If you have a long term bitcoin thesis Right, if he of course if you have Which you do was so and then this would you know moving into this long term long term Partion as you're talking about not noise versus noise you would talk to me about What causes the bottoms what causes bottoms? And we talked about liquidity and we actually pulled up just some data points Just real quick and we were looking at ben's website as I steal Unceremoniously from his website shamelessly steal his data As I look at the 30 fixed rate mortgage out. I think you can find this anywhere, but the 30 year fixed rate mortgage And of course with the fed raising rates. We're looking at a nice. I mean back in the I mean gosh a couple years ago Yeah, 2.7 30 year fixed rate mortgage. That's those were sweet times. Uh, I think we got Yeah, one I think our Houston home was around there now I wasn't like 3% but now we're looking at you know 7% Actually, no no 6.3. Excuse me as time has gone on and of course once the rates go up Then it's very it's very hard to afford that house. You can get a smaller house Or you can just say you know what this is too much for me And of course this is a new single family home sold monthly in thousands of course when the rates were low We had a pretty good amount now as we start to dip down I think that's one of those things as far as liquidity, but this is just in homes, but jerry Expand this a little bit what causes bottoms as far as like liquidity looking at Let's let's keep it as simple as possible. Right. I try to you know, just Distill it down to its simplest thing right liquidity is a function of debt The easier it is right the easier it is or the lower the cost to take a loan The more liquidity or less liquidity will be available in the system And this is a thing that's applied to governments corporates as well as people like you and I right right So when we're looking at the retail segment, it's Our auto loans becoming more expensive are people buying less Of a car because of that are people buying smaller homes or Just taking smaller loans And having to go into their savings or other investment vehicles Creating if they're having to liquidate assets that sell pressure On those industries that those assets they hold stocks or gold or bitcoin or whatever If they're having to sell assets that increase their down payment Because they can't borrow as much because the interest rate associated to the loan Okay, all of those things Factor into liquidity go to corporates corporates have to recycle their debt constantly Which means I have to take a loan today to pay for the money they borrowed before in the past Right, right, right if the cost to borrow money is higher today That means they can take less of a loan which means they're gonna have to do what? Reduce their overhead means layoffs Right, maybe not new product expansion. Maybe they're just a status quo Well, maybe they do want to maybe maybe they just do one of those things they go first they go Okay, we're gonna we're gonna shut off this this bigot and we're not gonna launch And I guess the next bigot which nobody really wants to do is lay off people Well, some some companies do that but that I think will be the next evolution Which would make the fed happy the fed sees the unemployment rate go up. They're like, okay Now we we see an issue And just like we talked about those rates to borrow A couple years ago. We're sweet sweet rates and now we don't have that luxury anymore And I think that's what's going to push us into I don't know if it's going to be a soft recession or a hard recession But jerry, what do you see things going as far as this liquidity to cause a bottom? Going out of it the whole mechanism the entire world's monetary policy is built on a principle of Using inflation to pay debts with cheaper dollars Okay, that's the whole mechanism. So if you want to learn you should learn that so that you can understand how the world works If you don't understand that you don't understand how the world works Well, it's also and also starts at the top the uh, I always say it wrong the the cantillion effect the the canteen effect where You said it, right? Yeah, the bulk of the money goes and starts at the top those people slosh around go Thank you government, you know and go for treasuries whatever and they they say okay We're going to buy up all these assets They they push at the price of the assets it filters down to the peons like you and me and then of course we get some of the We're paying a higher price Right because we're buying it three weeks four weeks five months six months after anyway, so right What can we all look forward to like what actionable thing can we take from this? Well, right? You've had a whole year. We have a whole we have a whole year of economic contraction right, right It's Costs more money today to take a loan than it did a month ago Okay, great Well at some point the 75 trillion dollars that has to get recycled for this year is going to come do At some point they're going to reverse their stance and when I say they I'm talking about the fed I'm talking about the government. I'm talking about the people that set the price of capital Which are six primary broker dealer banks like jp. Morgan golden sex the treasury and the federal reserve that whole little cartel They're responsible for the whole enchilada around the globe because everybody's dependent on dollars So when we go it one is the one is this this liquidity get too tied up I think we reached the bottom and the monetary policy changes in march of april of next year I can wait for them I always this is what I this is this was always how I kind of saw things I kind of saw next year would be kind of more of a slowdown. We might see some economic transgressions or or a reversal We see a recession. I don't know how hard it is, but it's going to have to happen Then we see an employment would go up. We see the fed pivot because the fed like we broke something Then that caused a little bit of a cascade effect and we have more problems But then we start to come out of it in 2024 and then hit some strides in 2025 So actionable effects what what we're talking about here is that the noise that we just talked about right is great Kardashian cool stuff entertaining But that doesn't really help us what helps us is understand what's going on right now And what we can do with things so we take a look at those exchanges We go we got to take our money off. We got to put it into a ledger. I got to be a better person I got to do this this for my family and help myself out moving forward. We talked about Maybe stacking a little cash and going okay, we're going to see some more Maybe some some more downturns. I don't know if we've hit the bottom. I don't know I still dollar cost average, but not like I used to But I think if we do start going downwards, which I think we will but I could be wrong I'm not a genius and I don't have a crystal ball I will start to dynamic dca down a little bit more but more of the safer assets, which would be real estate Which would be some blue chips cryptos Which would be the bitcoins ethereum and those type of things and not getting to do something crazy and moving forward Jerry. What did I miss there? I don't think you missed anything one of the things I think is really fascinating and they I don't know if they're a sponsor of your show or not, but fractionalized art Oh masterworks. Yeah, you know what? I'm gonna have this the the cio on that's a fascinating From an investor standpoint, right? And I I don't give a rat's poo poo about art to be perfectly But from an investment standpoint the ability to fractionalize an actual asset like a Picasso That intrigues me tremendously Yeah, it it doesn't I've talked to this to death and people say stop talking about it But I'll just all to say this I've got to I've got a basket and I got a bank see it's fractionalized shares I have it's in there. It's registered with the sec. I feel a little better about that Moving forward the cio is going to come on. I got three big questions for them. First of all, we're going to talk about The the overhead we talk about the rates Everyone's talking about why should we trust masterworks because just because it's what the sec because there's been some questions Someone I have them on and we're going to answer those questions And of course you guys will be here along with the ride and then lastly before before we get out of here there's Well, actually there's two more things First of all, Jerry We had talked about getting retail versus the institutions in there Can we do it with just the retail and just kind of get get us into that all-time high again or is present No, there's not there's just there's there it would the learning curve It would require billions or at least another billion Retail people to come in and look at how long it's taken us to get 300 million I mean the learning curve is too steep to to reach any kind of real Orders of magnitude you need sovereign wealth funds. You need pension plans in governments And that comes with how how do they get regulation? I mean that comes with custodians that check and balance because there's no way a Mayor of a town or the president of a country is going to keep the private keys to the bitcoin wallet in his head It's it's just not going to happen That that that worked out for a couple of exchanges. I forgot the canadian one. It works out pretty well. Everybody lost their funds I do remember that started with a cue Yeah, quadrica. I think Exactly. Oh my goodness. So so so just just to piggyback on jerry's point about retail versus institutions I would I kind of thought at some point like retail be a fine But this of course is the coinbase quarter three shareholders meeting letter that came out and you can see the trading volume and billions Institutional is crushing it just on coinbase. I'm just going to use that as an example. This is q3 again Oh, look at this q3 21 21 22 22 q2 q3 you got 26 billion for retail 133 for institutional And it's across the board You can see that institutions are really what is driving everything and that's just coinbase And to talk about how big coinbase is on a global scale There's a website called nomics and on my cs.com and you can you can sort things through we enjoy to this be Defined by a percent of trades or volume. I'm just going to go by volume right now Volume percentage Of course, this would be volume of of funds slashing around 40 almost 42 billion as opposed to coinbase, which says almost 2 billion Jerry talk to us real quick about why Binance has so much here and coinbase doesn't have as much over here One of the things we have to understand is that a lot of the non-regulated exchanges Still have leverage and even though there was a big Publicity push to go from 100 x leverage to 20 20 x leverage is massive leverage Finance is a big house when I say big house. It's a big exchange. A lot of people are using finance for all kinds of Leverage trading whether it be perpetuals this that I mean it's massive Okay, so it's all we're looking at we're looking at a lot of Sorry, go ahead. It's not real dollars that the 41 billion is not 41 billion actual dollars It's a total volume priced in dollars of The action and the action is the trades that include all that leverage Yeah, and then you know, I mean you have leverage and also it's global on a global scale Like coinbase is probably traded company here and in the states. Okay So just wanted to just want to talk to people about that and that's the the actionable events and things that are going on Now, let's just let's just leave off with some positive news again Look at what they're doing not what they're saying not what kevin alleri says Or what he used to say but something like this. That's pretty cool Busan south korea Wants to launch a crypto exchange by end 2023. This is a city That wants to launch a crypto exchange the city says it hopes to welcome its first crypto trading customers by the end of 2023 That's a good time After we get out of this crappy recession. I mean if it does come i'm not saying it is This is born a little way in the fruit as most city projects have focused on private blockchains. I don't understand that Oh, it was because the former president was really leery About bitcoin and crypto projects do marry the president's cautious stance the new president My ill king young j nailed it reported that Busan has pledged to launch this exchange next year And it's laid out a roadmap for its projected progress Busan said it would establish an exchange holding company in the first half of next year and three market management organizations in the second half The city will remain the ultimate decision maker That's weird the city will remain the decision maker, but it also sought private sector leadership I don't know how the city will remain I'm guessing the government the city government because I mean how could unless you have to have a whole city vote I don't know the city will provide much the funding but could seek to sell its stake to the private sector at the certain period of time Binance and crypto.com have already signed collaboration deals with Busan Likely hoping it will keep on providing with the highest volume south korean market jerry This is good news But how big of a good news is it because Busan's only got like three points something million people Is this going to be a game changer like oh, that's cute It it's the exchange will be open to all of Korea by the way and probably a lot of a lot of Asia a lot of Asia So so that's one thing the I think what it is starting to signal Right if you wanted to get like a signal from it I think it's starting to signal that governments are looking at other ways to create revenue streams that are aside from taxation and the issuance of debt Which are the only ways governments can fund themselves right so if governments are looking at ways to create revenue streams that will Create situations where they don't have to raise taxes and they don't have to issue loans That's good for the country. The other element is that crypto zone in Busan that was put forth in 2019 that was to bring Blockchain businesses there Tax breaks for businesses to grow there and what they were trying to tell you in the article is that from 2019 to now It was private companies taking advantage of it not municipalities Yeah, okay, which is a relatively new thing, right? I mean we've heard El Salvador is going to have bitcoin mining as a country A country service thing, right? This is another one of those deals. I think it's interesting Yeah, it's interesting, but like you said like we talked about before it's kind of like If the government gets involved and they own a private essentially a private company It's a company that's owned by the government itself now. It's almost like The government is opening up grocery stores all are all around and like hey, here's our stores come to our stores It's good for taxes. I mean look Miami's doing something I mean something in these same regards, but that's more of like an investment investment vehicle Not an actual company. Well, see how it works out. I think it's good Maybe other companies other places like hey, I want to do that and I want to track more businesses because we're tapering off And that would be that outside, right? Look at Venezuela That's what they did with their oil company. The oil company was wonderful It made a lot of money and what they did is they took the money and they squandered it See, this is it. This is the problem with big governments and this is always always the problem, right because Who was it president reagan said the problem with government is government itself and that's really what it comes down to so Yeah, we're gonna see this thing but but government can still get it right They still law 230 came about they said hey, we're gonna we're gonna distinguish between what can actually constitute an actual website So where people can't get sued by the values and opinions of what is being said on their blog posts and so on And it worked out great. It was minimal, but here I think it might be a little bit different And then that would lead me to our last point Jerry. We've almost done with 40 minutes well Jerry's got a patreon and the things that I want to talk about before we get the q&a is So jerry's got a beyond moon investment club, which jerry That's come on Got to work on that on that title, but it doesn't matter It's good stuff. But what the thing that I'm interested in is your yield generation Well, okay, so this if you've watched rob this channel for a long time, you know, he's talked about dca dca dca There is actually a very large number of us crypto investors that don't have extra income to continue to on a daily weekly or monthly basis invest in crypto And so one of the things I and I'm one of those people So one of the things I worked on All of this year heavily this year was the ability to take what I've already invested And have a generator yield and then I can decide with that yield how much of it needs to go to my checking account To buy my food and pay my rent how much of it needs to go directly into bitcoin And how much of it needs to go into this development? I'm building here in costa rica, etc, etc, etc So but you I know there's some risk in it And and you've taken but you've taken your your profits out I mean, but you do it continuously Yeah, so the goal here's the goal with anything If I put a dollar in I want to have a reasonable expectation of when that dollar is going to be returned to me It's called return on investment. So everything I do I use a lot of math To figure out What is my reasonable expectation if I make this investment? And is that time frame worth it, right? Do I see other macro factors or things? Is it good or bad? Is it a good idea or a bad idea now? Not everything I've done is I've come out smelling like a rose But over the course of this year, I must have five or six different Investments that have not only paid for themselves and returned every dollar Plus a poop load of profit, but they continue because they're yield Spitting me out yield every single day Yeah, and this is and to make this crystal clear. This is not like a Celsius thing This is like invest into the in the crypto product themselves One of those is and I we talked about this for like half an hour The cosmos the cosmos the cosmos project and and and they're different They're different tokens and yield that they generate on their different other products that are within the ecosystem I found that to be fascinating to do something like that Because it's just it's not perpetual and it gets risky as time goes on, but it's